<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
(Mark One)
[X] Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the period ended June 30, 1995
or
[_] Transition Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the transition period from to
------------ ----------
Commission File Number: 0-8187
MEDICAL RESOURCE COMPANIES OF AMERICA
(Name of Small Business Issuer in its Charter)
NEVADA 75-2399477
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
4265 KELLWAY CIRCLE, ADDISON, TEXAS 75244
(Address of principal executive offices) (Zip Code)
Issuer's telephone number, including area code: (214) 407-8400
Securities registered pursuant to Section 12(b) of the Act: Common stock, par
value $.01
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Securities Exchange Act of 1934 during the past twelve months
(or for such shorter period that the issuer was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days.
YES X NO
--- ---
At August 10, 1995, the issuer had outstanding 17,448,000 shares of par value
$.01 common stock.
<PAGE>
Medical Resource Companies of America
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements
--------------------
The accompanying unaudited Consolidated Financial Statements have been prepared
in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-QSB and Item 310 of
Regulation S-B. These financial statements have not been examined by
independent certified public accountants, but in the opinion of management, all
adjustments (consisting of normal recurring accruals) necessary for a fair
presentation of consolidated results of operations, consolidated financial
position and consolidated cash flows at the dates and for the periods indicated,
have been included.
These financial statements do not include all of the information and footnotes
required by generally accepted accounting principles for complete financial
statements. Operating results for the six month period ended June 30, 1995 are
not necessarily indicative of the results that may be expected for the year
ended December 31, 1995. For further information, refer to the Consolidated
Financial Statements and notes thereto included in the Company's Annual Report
on Form 10-KSB for the fiscal year ended December 31, 1994.
2
<PAGE>
Medical Resource Companies of America
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share data)
<TABLE>
<CAPTION>
June 30, December 31,
1995 1994
----------- ------------
(Unaudited)
<S> <C> <C>
ASSETS
CURRENT ASSETS
Cash $ 6,452 $ 8,376
Accounts receivable - trade, less
allowance of $190 in 1995 and
$630 in 1994 1,284 2,079
Loans receivable 3,978 -
Inventories 346 370
Deferred income tax benefit 404 2,185
Real estate under contract of sale - 14,889
Due from affiliates 182 185
Other current assets 1,493 1,274
------- -------
Total current assets 14,139 29,358
REAL ESTATE 3,175 3,204
INVESTMENT IN SECURITIES, AT COST 1,678 1,678
MORTGAGE NOTE RECEIVABLE 6,700 6,700
PROPERTY, PLANT AND EQUIPMENT, AT COST
Land 100 100
Buildings and improvements 767 767
Equipment and furnishings 397 388
Rental equipment 1,873 1,663
------- -------
3,137 2,918
Less accumulated depreciation 1,211 993
------- -------
1,926 1,925
OTHER ASSETS
Excess of cost of purchased companies
over net assets acquired, net of
accumulated amortization of $470 and
$426 in 1995 and 1994, respectively 1,303 1,347
Patents, net of accumulated amortization
of $274 and $249 in 1995 and 1994,
respectively 573 598
Other 290 414
------- -------
2,166 2,359
------- -------
$29,784 $45,224
======= =======
</TABLE>
3
<PAGE>
Medical Resource Companies of America
CONSOLIDATED BALANCE SHEETS - CONTINUED
(Amounts in thousands, except share data)
<TABLE>
<CAPTION>
June 30, December 31,
1995 1994
----------- -------------
(Unaudited)
<S> <C> <C>
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Note payable $ - $ 5,022
Current maturities of long-term
debt 163 379
Long-term debt collateralized by
properties under contract of sale - 8,933
Accounts payable - trade 700 1,319
Accrued expenses 1,393 1,755
Other current liabilities 215 1,479
------- --------
Total current liabilities 2,471 18,887
LONG-TERM DEBT 1,106 1,110
DEFERRED GAIN 3,083 3,083
STOCKHOLDERS' EQUITY
Series A cumulative preferred stock,
$.10 par value; liquidation value of
$1,085 in 1994; authorized, 10,000
shares; issued and outstanding 1,085
shares in 1994 - 108
Series B cumulative convertible preferred
stock, $.10 par value; liquidation
value of $1,330 and $1,351 in 1995 and
1994,respectively; authorized, 100
shares; issued and outstanding, 13 and
14 shares in 1995 and 1994, respectively 1 1
Series C cumulative convertible preferred
stock, $.10 par value; liquidation
value of $2,000; authorized, issued and
outstanding, 20 shares 2 2
Common stock, $.01 par value; authorized,
100,000 shares; issued, 17,448 and
18,542 shares in 1995 and 1994,
respectively 175 185
Additional paid-in capital 34,175 36,442
Accumulated deficit (8,791) (12,156)
------- --------
25,562 24,582
Less stock purchase notes receivable (2,438) (2,438)
------- --------
23,124 22,144
------- --------
$29,784 $ 45,224
======= ========
</TABLE>
4
<PAGE>
Medical Resource Companies of America
CONSOLIDATED STATEMENTS OF EARNINGS
(Amounts in thousands, except per share data)
<TABLE>
<CAPTION>
For the Three For the Six
Month Period Ended Month Period Ended
June 30, June 30,
1995 1994 1995 1994
-------- -------- -------- --------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
Revenue
Sales and rentals of mobility
products $ 574 $ 571 $ 887 $ 917
Long-term care facilities
operating revenue - 1,990 552 4,033
Real estate operations 177 407 372 1,599
Gain on sales of assets 756 135 5,905 2,899
Interest and dividends 390 129 583 220
Other - - 9 -
------ ------ ------ ------
1,897 3,232 8,308 9,668
Expenses
Cost of mobility products sales
and rentals 498 418 832 818
Long-term care facilities
operating expenses - 1,272 318 2,552
Real estate operations 90 482 187 1,255
General and administrative 746 997 1,583 1,886
Interest 29 707 150 1,613
------ ------ ------ ------
1,363 3,876 3,070 8,124
------ ------ ------ ------
Earnings (loss) from
continuing operations
before income taxes 534 (644) 5,238 1,544
Income tax expense (benefit) 183 (219) 1,781 525
------ ------ ------ ------
Earnings (loss) from
continuing operations 351 (425) 3,457 1,019
Discontinued operations
Earnings from operations,
net of income taxes - 98 - 52
Gain on disposal,
net of income taxes - 530 - 530
------ ------ ------ ------
NET EARNINGS 351 203 3,457 1,601
Preferred stock dividend
requirement 47 101 128 181
------ ------ ------ ------
Earnings allocable to common
shareholders $ 304 $ 102 $3,329 $1,420
====== ====== ====== ======
</TABLE>
5
<PAGE>
Medical Resource Companies of America
CONSOLIDATED STATEMENTS OF EARNINGS - CONTINUED
(Amounts in thousands, except per share data)
<TABLE>
<CAPTION>
For the Three For the Six
Month Period Ended Month Period Ended
June 30, June 30,
1995 1994 1995 1994
------ ------ ------ ------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
Earnings (loss) per share
Continuing operations $ .02 $ (.02) $ .19 $ .05
Net earnings $ .02 $ .01 $ .19 $ .08
Weighted average number of
common and equivalent
shares outstanding 17,553 18,395 17,911 18,395
</TABLE>
6
<PAGE>
Medical Resource Companies of America
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
<TABLE>
<CAPTION>
For The Six
Month Period Ended
June 30, June 30,
1995 1994
------------ -----------
(Unaudited) (Unaudited)
<S> <C> <C>
Cash flows from operating activities
Net earnings $ 3,457 $ 1,601
Adjustments to reconcile net
earnings to net cash used in
operating activities
Depreciation and amortization 369 1,001
Gain on sales of assets (5,905) (2,015)
Gain on sale of subsidiary - (804)
Recognition of deferred gain - (884)
Changes in operating assets
and liabilities
Due from/to affiliates 3 (127)
Accounts receivable 795 (479)
Deferred tax benefit 1,781 819
Inventories 24 134
Other current and noncurrent
assets 610 (2,025)
Accounts payable and other
liabilities (2,246) (215)
------- -------
Total adjustments (4,569) (4,595)
------- -------
Net cash used in operating
activities (1,112) (2,994)
Cash flows from investing activities
Proceeds from sales of assets, net 20,059 21,439
Additions to loans receivable (5,478) -
Repayments of loans receivable 1,500 -
Additions to real estate (33) (183)
Purchase of property and equipment (225) (618)
Sale of subsidiary - (273)
------- -------
Net cash provided by
investing activities 15,823 20,365
</TABLE>
7
<PAGE>
Medical Resource Companies of America
CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED
(Amounts in thousands)
<TABLE>
<CAPTION>
For The Six
Month Period Ended
June 30, June 30,
1995 1994
--------- ----------
(Unaudited) (Unaudited)
<S> <C> <C>
Cash flows from financing activities
Proceeds from borrowings
Affiliates $ - $ 1,000
Other - 1,750
Payments on debt (14,157) (15,162)
Dividends on preferred stock (92) (66)
Retirement of preferred stock (1,085) -
Purchase of treasury stock (1,301) -
-------- --------
Net cash used in
financing activities (16,635) (12,478)
-------- --------
NET INCREASE (DECREASE)
IN CASH (1,924) 4,893
Cash at beginning of period 8,376 1,083
-------- --------
Cash at end of period $ 6,452 $ 5,976
======== ========
</TABLE>
Supplemental cash flow information on noncash investing activities is as
follows:
<TABLE>
<S> <C> <C>
Sale of subsidiary
Noncash assets $ - $ 4,462
Liabilities - (3,861)
Preferred stock received - (1,678)
Gain on sale of subsidiary - 804
-------- --------
Subsidiary cash $ - $ (273)
======== ========
</TABLE>
8
<PAGE>
ITEM 2. Management's Discussion and Analysis of Financial
-------------------------------------------------
Condition and Results of Operations.
------------------------------------
Medical Resource Companies of America ("Medical Resource" or the "Company") is
currently focusing its primary efforts on developing and managing facilities
which will provide full service residential retirement and personal assistance
with the Activities of Daily Living (ADLs) as needed for the elderly. The
Company also provides mobility assistance services for all ages in tourist
attractions and airports. Medical Resource's services are provided through a
number of subsidiaries comprising two divisions: residential retirement care
and mobility assistance services. Through its subsidiary, EquiVest Inc., the
Company also owns commercial real estate investments.
Originally founded in 1974 as a real estate investment trust organized in
California, in May 1991 Medical Resource transferred all its assets to a
Nevada corporation bearing the same name in order to continue operations in a
more conventional incorporated form. Its primary focus was on residential
retirement and healthcare services and products for the elderly and mobility
impaired. During 1994 and early 1995 the Company disposed of its nursing homes
and retirement center properties and changed its healthcare focus to meeting
the full service residential retirement and assisted living needs of the
elderly.
RESIDENTIAL RETIREMENT AND ASSISTED LIVING
------------------------------------------
During the past four years a basic strategy of Medical Resource was to acquire
retirement, nursing and other healthcare facilities with the intention of
improving the physical structure, occupancy and management efficiency of those
facilities. Eventually the facilities would be sold to generate profits and
provide working capital to grow the Company and increase stockholders' equity.
The Company began development of a focused full service residential retirement
and assisted living strategy in 1994. Medical Resource believes the overall
demand for alternative lifestyles for the elderly is rapidly increasing.
Providing a residential lifestyle, maximizing choices and independence while
enhancing the quality of life of a growing segment of elderly, upscale
consumers, particularly the frail elderly, is a "growth" industry. Medical
Resource has discussed affiliations and joint ventures with several companies
involved in the full service residential retirement and assisted living
industry. The Company is investigating markets and development sites in
several states with a view toward designing and building a chain of
proprietary assisted living centers. The Company will manage some facilities
and may employ third party managers in others.
In August 1995 the Company began construction of a 48 unit, 96 bed assisted
living center in Denison, Texas. It is anticipated that this design will be
the basic model for future facilities to be built. The Company has contracts
to purchase land in Sherman, Texas and Muskogee, Oklahoma. It is anticipated
that construction on these sites will begin in the fall of 1995. The Company
has pending contracts on four other sites in the southeastern United States.
9
<PAGE>
MOBILITY ASSISTANCE SERVICES
----------------------------
The Company, through its subsidiary, Odyssey Mobility Systems, Inc. (Odyssey),
provides electric convenience vehicles (ECVs), manual wheelchairs and
children's strollers to theme parks, zoos and other attractions throughout the
United States. ECVs are three and four wheel battery powered units which
travel approximately 5 miles per hour and are utilized principally by the
elderly and handicapped to assist in their mobility.
Odyssey currently provides its products to 25 theme parks and zoos including
SeaWorld, Disney World, The San Diego Zoo, Busch Gardens and the State Fair of
Texas, among others. The products are supplied either under a lease agreement
or by a concession contract in which Odyssey shares the revenue on an agreed
upon basis. Under certain agreements, Odyssey supplies all personnel and
equipment. The theme park business of Odyssey is highly seasonal.
Approximately 50% of its volume occurs during the summer months when children
are not in school and families take vacations in greater numbers.
The Company, through its subsidiary Aviation Mobility, Inc. (Aviation),
provides manual wheelchairs and aisle chairs to the airline industry for use
in airline terminals to transport the handicapped and elderly throughout the
airport facilities. The products are provided to the airlines on a lease
basis. The Company currently provides products to Continental Airlines, Delta
Airlines and USAir.
EQUIVEST INC.
-------------
On March 24, 1993, the stockholders of Medical Resource and EquiVest Inc.
("EquiVest") approved the merger of EquiVest into a wholly owned subsidiary of
Medical Resource, which then changed its name to EquiVest Inc. The then
existing shareholders of EquiVest received 3,703,227 shares of Medical
Resource stock.
At the time of the merger, EquiVest was a REIT that owned and managed real
estate properties. Medical Resource has sold and will continue to liquidate
the acquired real estate and use the proceeds for acquisitions and to expand
its existing operations.
As of June 30, 1995, EquiVest owned three retail shopping centers located in
Georgia. The aggregate value of the three centers in accordance with
generally accepted accounting principles was $3,175,000.
10
<PAGE>
LIQUIDITY AND CAPITAL RESOURCES
-------------------------------
At June 30, 1995 current assets exceeded current liabilities by $11,668,000.
During this quarter the Company continued its program of selling its non-
strategic assets and using the proceeds to acquire additional businesses and
invest in existing operations.
In January 1995 the Company sold "The Fountainview", a retirement center in
West Palm Beach, Florida. The net sales proceeds were approximately
$18,000,000. The Company used approximately $9,000,000 of the proceeds to
repay the mortgage. The balance was used to increase working capital.
Also, in January 1995, the Company used approximately $5,000,000 of its cash
to payoff short-term bank debt.
In May 1995, EquiVest Inc. sold a shopping center in Florida for $750,000.
The proceeds included $600,000 in cash and a mortgage note for $150,000. The
note is due May 24, 2000 and bears interest in rates varying from 8 1/4 to 12
1/4%.
The board of directors of the Company has authorized management to re-purchase
up to 1,500,000 shares of the Company's common stock at such prices and times
as management deems appropriate. During the first two quarters of 1995, the
Company has purchased 1,051,000 and 111,000 shares respectively of its common
stock.
In June 1995 the Company redeemed it's outstanding Series "A" preferred stock
for $1,085,000. The preferred stock had a dividend rate of 12%.
Odyssey, on a lease or concession basis provides ECVs, wheelchairs and
children's strollers to amusement parks, zoos, and other attractions where
these products are used by the public. In addition, Aviation leases and
maintains wheelchairs for the airline industry for use in airports. Odyssey
and Aviation acquire their products either by producing them or purchasing
them from third parties. These subsidiaries currently have a sufficient
inventory of equipment to service their existing contracts. The Company
anticipates any capital expenditures during 1995 will be funded by a
combination of internal working capital and credit extended by suppliers.
The Company is embarking on it's plan to build and operate assisted living
facilities. If necessary, the Company could fulfill it's existing commitments
through the use of existing capital; however, the Company anticipates it will
finance the facilities. The Company is currently negotiating with a number of
potential lenders.
11
<PAGE>
RESULTS OF OPERATIONS
---------------------
Three and six month period ended June 30, 1995 compared to three and six month
------------------------------------------------------------------------------
period ended June 30, 1994.
---------------------------
Net earnings for the three and six month period ended June 30, 1995 were
$351,000 and $3,457,000 respectively as compared to $203,000 and $1,601,000
respectively.
Mobility Products
-----------------
Revenue from Odyssey and Aviation were $574,000 and $887,000 for the three and
six months ended June 30, 1995 as compared to $514,000 and $783,000 for the
three and six months ended June 30, 1994. Expenses associated with Odyssey
and Aviation were $498,000 and $832,000 for the three and six months ended
June 30, 1995 as compared to $346,000 and $626,000 for the three and six
months ended June 30, 1994. During the first quarter of 1994 the Company was
selling ECV's through the use of distributors. Sales for the three and six
months ended June 30, 1994 were $57,000 and $134,000 and cost of sales were
$72,000 and $192,000 for the three and six months ended June 30, 1994.
The Company's theme park operation is highly seasonal. The substantial
portion of the Company's revenue occurs in the warm weather months when
children are no longer in school and families take vacation. Revenue is
comparable for the three and six month periods ended June 30, 1995 and 1994.
Expenses, due to the start up costs for acquisitions of new parks in 1995,
reflect an increase for the three and six month periods ended June 30, 1995
over comparable periods in 1994. Revenue from these new acquisitions will be
realized in summer months.
Long Term Care Facilities
-------------------------
The Company sold "The Fountainview" on January 28, 1995 and recorded a gain of
$5,149,000. During the month of January "The Fountainview" generated revenue
of $552,000 and operating expenses of $318,000. For the three and six months
ended June 30, 1994 the Company owned both The Fountainview and Rivermont
Retirement Center, a facility which was sold in December 1994. The revenue
and expenses reflected in long term care for 1994 reflect the operations of
both The Fountainview and Rivermont for the entire three and six month
periods.
Real Estate Operations
----------------------
Revenue from real estate operations were $177,000 and $372,000 for the three
and six months ended June 30, 1995 as compared to $407,000 and $1,599,000 for
the comparable periods in 1994. Costs of operating these properties were
$90,000 and $187,000 for the three and six months ended June 30, 1995 as
compared to $482,000 and $1,255,000 for the comparable periods in the prior
year. Real estate operations reflect the revenue and expenses from the
EquiVest properties. When the Company acquired EquiVest, it was the stated
intention to sell the acquired assets. The reduced level of revenue and
expenses for EquiVest reflects the ongoing sale of those properties.
12
<PAGE>
GAIN ON SALE OF ASSETS
----------------------
Gain on sales of assets were $756,000 and $5,905,000 for the three and six
months ended June 30, 1995 as compared to $135,000 and $2,899,000 for
comparable periods in 1994. In April 1995 EquiVest sold a shopping center in
Florida for $750,000 and reported a gain of $102,000. In June 1995 the
Company sold it's economic interest in a legal claim with respect to Wespac
Investors Trust III (see part 2 Item 1 - Newbeach Partners vs. Medical
Resource Companies of America). The sales price was $1,085,000 and the
Company recorded a gain of $654,000. Separately, the Company acquired in a
private transaction 49% of the outstanding common stock of Wespac Investors
Trust III. The Company immediately sold it's economic interest in that stock
at no gain or loss.
During January 1995 the Company sold the Fountainview and recorded a gain of
$5,149,000.
Interest Income and Expense
---------------------------
Interest and dividend income were $390,000 and $583,000 for the three and six
months in periods ended June 30, 1995 as compared to $129,000 and $220,000 for
the comparable periods in 1994. Interest expense was $29,000 and $150,000 for
the three and six months ended June 30, 1995 as compared to $707,000 and
$1,613,000 for comparable periods in 1994.
Throughout 1994 and the six months ended June 30, 1995 the Company disposed of
assets not essential to its long range healthcare strategy. The proceeds from
those sales were used to reduce debt and increase working capital. The
increase in interest income is the result of having more working capital to
invest. The decrease in interest expense is due to the reduction in debt due
both to the payoff of mortgages when real estate assets were sold and the
reduction of corporate debt when the proceeds from the sale of assets were
used to pay off that debt.
Discontinued Operations
-----------------------
In 1994 management concluded that operations of skilled medical care
facilities such as nursing homes and eating disorder clinics were not in the
best interest of the Company. During 1994 the Company sold all operations
associated with those businesses. The earnings from discontinued operations
for 1994 of $98,000 and $52,000 for the three and six months ended June 30,
1994 represents the earnings from operations net of income taxes for those
businesses for the three and six month periods ended June 30, 1994.
13
<PAGE>
PART II. OTHER INFORMATION
ITEM 1. Legal Proceedings
-----------------
Newbeach Partners vs. Medical Resource Companies of America
- -----------------------------------------------------------
In May, 1986, Newbeach Partners filed a complaint against the Company, its
trustees and certain of its officers, alleging that the defendants had
violated the provisions of a lease for office space. The lawsuit involved
a series of complaints and cross complaints. The principal legal issues
were adjudicated by the courts and settled in 1991. The remaining two
matters were the Pincourt suit against the Company and Wespac Investors
Trust III (WIT III) and the Company's suit against WIT III. Mr. Pincourt,
a former trustee of both the Company and WIT III, was a defendant in the
original lawsuit. Mr. Pincourt brought an action against the Company and
WIT III to recover the legal fees and expenses he incurred in the course of
his defense. In the second matter, the Company brought an action against
WIT III, which had entered into an agreement in 1985 to indemnify the
Company for any losses it incurred in this matter.
On October 18, 1993, a trial was held to adjudicate the above mentioned
matters. As a result of that trial, Mr. Pincourt was awarded a judgment of
approximately $216,000 plus interest, expenses and attorneys fees of
approximately $162,000. Mr. Pincourt was allowed by the court to pursue
his action against either the Company or WIT III. With respect to its
lawsuit, the Company was awarded approximately $400,000 for amounts it had
incurred in this matter over the past eight years. In addition, the court
indicated that should Mr. Pincourt ultimately receive his judgment from the
Company, then the Company could pursue WIT III for any additional amount
paid to Mr. Pincourt.
The Company has subsequently entered into an agreement to pay Mr. Pincourt
over a 24 month period. As of June 30, 1995 the Company has made 16
payments. The remaining eight payments aggregate $143,570.
When the Company began vigorously pursuing its judgment, WIT III filed for
bankruptcy under Chapter 11. The Company is a significant judgment
creditor of WIT III and has been continuing to pursue its claim. In June
1995 the Company sold it's economic rights to it's claims against WIT III
for $1,085,000. The Company continues to pay Mr. Pincourt.
ITEM 4. Submission of Matters to a Vote of Security Holders
---------------------------------------------------
The annual meeting of the stockholders of the Company was held at the
offices of the Company on May 24, 1995. At the meeting, the shareholders
elected four persons to the Company's Board of Directors. James R. Gilley,
Gene S. Bertcher, W. Michael Gilley and Paul G. Chrysson were elected to
the Board for terms expiring at the 1998 annual meeting. Votes received
for each director were as follows:
14
<PAGE>
Submission of Matters to a Vote of Security Holders - Continued
- ---------------------------------------------------
<TABLE>
<S> <C> <C>
James R. Gilley - 13,254,739
Gene S. Bertcher - 13,255,132
W. Michael Gilley - 13,255,077
Paul G. Chrysson - 13,250,992
</TABLE>
Other directors include Michael E. McMurray, Robert L. Griffis, and Matthew
G. Gallins whose terms expire at the 1996 annual meeting and Richards D.
Barger, Steven R. Hague and Don C. Benton whose terms expire at the 1997
annual meeting.
The only other matter considered was the approval of Grant Thornton as the
Company's independent accountants for the 1995 fiscal year. Their
appointment was approved by a vote of 13,243,767 votes for, 4044 votes
against, and 16,202 votes abstained.
ITEM 6. Exhibits and Reports on Form 8-K
--------------------------------
There were no Exhibits and reports on Form 8-K filed by the Company during
the quarter ended June 30, 1995.
15
<PAGE>
MEDICAL RESOURCE COMPANIES OF AMERICA
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
registrant has duly caused this report to be signed on its behalf by
undersigned, thereunto duly authorized.
MEDICAL RESOURCE COMPANIES OF AMERICA
Date: August 10, 1995 By: Gene S. Bertcher
--------------------------
Executive Vice President
Chief Financial Officer
16
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FORM
10QSB CONSOLIDATED BALANCE SHEET AS OF JUNE 30, 1995 AND THE CONSOLIDATED
STATEMENT OF EARNINGS FOR THE SIX MONTH PERIOD ENDED JUNE 30, 1995 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUN-30-1995
<CASH> 6,452
<SECURITIES> 0
<RECEIVABLES> 5,452
<ALLOWANCES> 190
<INVENTORY> 346
<CURRENT-ASSETS> 14,139
<PP&E> 3,137
<DEPRECIATION> 1,211
<TOTAL-ASSETS> 29,784
<CURRENT-LIABILITIES> 2,471
<BONDS> 1,106
<COMMON> 175
0
3
<OTHER-SE> 22,946
<TOTAL-LIABILITY-AND-EQUITY> 29,784
<SALES> 0
<TOTAL-REVENUES> 8,308
<CGS> 0
<TOTAL-COSTS> 1,337
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 150
<INCOME-PRETAX> 5,238
<INCOME-TAX> 1,781
<INCOME-CONTINUING> 3,457
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3,457
<EPS-PRIMARY> .19
<EPS-DILUTED> 0
</TABLE>
